PTCB Inventory Management & Billing

Question 1

What does 'PAR level' stand for in pharmacy inventory management?

Accepted Answer

Periodic Automatic Replenishment

Answer

Pharmacy Adjusted Rate

Answer

Product Availability Review

Answer

Purchase Allocation Record

Question 2

Which drug recall class indicates the most serious risk, including situations that can cause serious adverse health consequences or death?

Accepted Answer

Class I

Answer

Class III

Answer

Class II

Answer

Class IV

Question 3

What is the primary purpose of an automatic dispensing cabinet (ADC) in a hospital setting?

Accepted Answer

To provide controlled access and tracking of medications at the point of care

Answer

To compound sterile IV admixtures

Answer

To replace the central pharmacy entirely

Answer

To print prescription labels automatically

Question 4

What does 'NDC' stand for in pharmacy?

Accepted Answer

National Drug Code

Answer

New Drug Classification

Answer

Narcotic Dispensing Control

Answer

Numeric Dispensing Chart

Question 5

Which inventory valuation method assigns the cost of the most recently purchased items to cost of goods sold?

Accepted Answer

LIFO (Last In, First Out)

Answer

FIFO (First In, First Out)

Answer

Weighted Average Cost

Answer

Specific Identification

Question 6

A pharmacy receives a drug recall notice. Which action should be taken FIRST?

Accepted Answer

Identify and quarantine the recalled lot numbers from dispensing stock

Answer

Discard all recalled product immediately

Answer

Notify all patients who received the drug

Answer

Contact the state board of pharmacy

Question 7

What is a 'formulary' in the context of managed care and pharmacy?

Accepted Answer

A list of preferred medications covered by an insurance plan

Answer

A list of approved compounding recipes

Answer

A schedule of controlled substances

Answer

A pharmacy's inventory ordering schedule